AXA Real Estate has completed on the acquisition of 381 Spanish bank assets for €308m (£221m).
The bank branches, spread throughout Spain, were bought from URO Holdings and cover 968,000 sq ft. The properties are fully let to Santander on 24-26-year leases.
The majority of the assets are in five major cities in Andalucia, Catalonia and Castilla y Leon.
The purchase was conducted on behalf of two institutional clients of AXA Real Estate.
